Block Chain Technology And Its Potential Impact On The Economy Of Nigeria

Project and Seminar Material for Economics

Block Chain Technology And Its Potential Impact On The Economy Of Nigeria


Chapter One


Introduction

1.1 Background of the Study

Block chain technology is one of the newest, hottest and most intriguing technologies currently in the market. The technology is capable of providing a secure, transparent, and efficient processes for Entrepreneurs, startup companies, investors, global organizations and governments. Block Chain technology is a digital ledger which uses bit coin or other crypto currency to conduct transactions which are recorded chronologically and publicly (THE PROSHARE ECOSYSTEM, 2018). The technology, which can be described as a diary is difficult to forge. The block chain is definitely a resourceful invention that has grown significantly in use with an estimated market size of over 540 Million DOllars in 2018. Block chain was conceptualized and distributed by Satoshi Nakamato in 2008. The technology is capable of holding a secure history of data exchanges, use a peer-to-peer network to time stamp and verify each exchange, and can autonomously be managed without a central authority. This constitutes the backbone of digital currencies such as Bitcoin and Ethereum. It is expected that as the technology is widely accepted the decentralized Block Chain system will impact positively on the way business is transacted and managed and also transform banks, financial institutions, and other firms. The study seeks to appraise Block chain technology and its potential impact on the economy of Nigeria.


1.2 Statement of the Problem

Block chain technology has not been legally accepted in Nigeria even though it is currently being propagated among the people and in the social media. The Central Bank of Nigeria (CBN) has public warned Nigerians to beware of investments in crypto currencies, stating that virtual currencies are not accepted legal tenders in the country. This lack of government support constitutes a major setback to the growth and acceptability of the technology. The block chain is definitely a resourceful invention that has grown significantly in use with an estimated market size of over 540 Million DOllars in 2018. Block chain was conceptualized and distributed by Satoshi Nakamato in 2008. The technology is capable of holding a secure history of data exchanges, use a peer-to-peer network to time stamp and verify each exchange, and can autonomously be managed without a central authority. However there is the need to seek for government approval of the technology as a measure of expanding the network and acceptability. The problem confronting the study is to appraise Block chain technology and its potential impact on the economy of Nigeria.


1.3 Objectives of the Study

The Main Objective of the study is to appraise Block chain technology and its potential impact on the economy of Nigeria;

The specific objectives include:

  1. To assess the relevance of block chain in the Nigerian economy.
  2. To determine the effects of block on businesses in Nigeria.
  3. To establish the challenges of block chain technology in Nigeria.

1.4 Research Questions

  1. How relevant is block chain in Nigeria economy?
  2. What are the effects of block chain on businesses in Nigeria?
  3. What are the challenges of block chain technology in Nigeria?

1.5 Statement of Hypothesis

Ho1: There is no significant role of block chain technology in Nigerian economy.


1.6 Significance of the Study

The study proffers an appraisal of Block chain technology and its potential impact on the economy of Nigeria; It provides relevant data for the effective formulation and implementation of policies to enhance the realization of envisaged objective.


1.7 Scope of the Study

The study proffers an appraisal of Block chain technology and its potential impact on the economy of Nigeria.


1.8 Limitation of the Study

The study was confronted with logistics and geographical factors


1.9 Definition of Terms

Blockchain Technology Defined

Block Chain technology is a digital ledger which uses bitcoin or other crypto currency to conduct transactions which are recorded chronologically and publicly. The technology, which can be described as a diary is difficult to forge.

Procurement Defined

Procurement is defined as the process of searching, finding, agreeing to terms, and buying goods, services, or works from an external source, through the process of tendering or competitive bidding process.

Procurement Fraud

Procurement fraud is the exercise of dishonestly, obtaining an advantage, avoiding an obligation or causing a loss to public property or various means during procurement process.


1.10 Organization of the Study

The study is categorized into five chapters. The first chapter presents the background of the study, statement of the problem, objective of the study, research questions and hypothesis, the significance of the study, scope/limitations of the study, and definition of terms. The chapter two covers the review of literature with emphasis on conceptual framework, theoretical framework, and empirical review. Likewise, the chapter three which is the research methodology, specifically covers the research design, population of the study, sample size determination, sample size, and selection technique and procedure, research instrument and administration, method of data collection, method of data analysis, validity and reliability of the study, and ethical consideration. The second to last chapter being the chapter four presents the data presentation and analysis, while the last chapter(chapter five) contains the summary, conclusion and recommendation.


Chapter Five


Summary, Conclusion and Recommendation

5.1 Summary

In this study, our focus was on the block chain technology and its potential impact on the economy of Nigeria using selected fintech companies as a case study. The study specifically was aimed at highlighting the relevance of block chain in the Nigerian economy, determine the effects of block on businesses in Nigeria and establish the challenges of block chain technology in Nigeria. A total of 100 responses were validated from the enrolled participants where all respondent are drawn from journalist.


5.2 Conclusion

Based on the finding of this study, the following conclusions were made:

  1. Block chain is relevant in Nigeria economy
  2. The effects of block chain on businesses in Nigeria is that it allows businesses to send and receive payments through programmatic sets of rules called ‘smart contracts, providing an increasing degree of privacy and security insurance and transferring funds directly through blockchain would benefit domestic and cross-border payments by reducing the number of intermediaries in the picture.
  3. The challenges of block chain technology in Nigeria is Lack of adoption, The rising cost of blockchain implementation and Security and privacy challenges.

5.3 Recommendation

Based on the responses obtained, the researcher proffers the following recommendations:

Based on the findings the researcher recommends that, the cost of ignoring the usability of blockchain, outweigh itโ€™s perceived risks of not legislating it in the future, especially by developing countries like Nigeria. It is highly imperative therefore that the African countries either reviews her regulatory framework for the purpose of the usability and legislating of cryptocurrencies, which must specify the terms and conditions with respect to privacy law in the interest of the countries and citizens, anti-laundry and loss recovery in case of illicit transactions and possible attacks on users, insurance of crypto-assets in the interest of investors, necessary disclosure of transaction details on jurisdiction basis for the purpose of tax returns to the government.


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